Suppliers Evaluation Policy

Magic Beans suppliers of goods and services can be selected for evaluation normally on Yearly basis.  Our suppliers are evaluated based on seven evaluation criterias:

Quality - How reliable and consistent is the supplier's performance? How high is the quality of their products or services?

Cost - How competitive are the supplier's prices? Are there any additional costs such as delivery fees or maintenance costs?

Responsiveness - How quickly and effectively does the supplier respond to inquiries or problems? How willing are they to provide support and assistance?

Flexibility - How well can the supplier adapt to changing requirements or specifications? How willing are they to customize their products or services?

Expertise - How knowledgeable and experienced is the supplier in their field? How innovative are their solutions?

Reputation - What is the supplier's reputation in the industry? How successful have they been with other clients?

Sustainability - How committed is the supplier to sustainability and social responsibility? What is their environmental impact?

Each supplier is evaluated with a rating between 1 and 5 across all seven criteria, with 1 being the lowest rating and 5 the highest. The annual evaluation results are stored internally and serve to identify the performance assessment of each specific supplier.

For evaluation purposes, if any supplier receives a rating of 1 or 2 in any criterion, their continued use should be reviewed. The total score across all seven criteria must be higher than 21 points, with a maximum possible score of 35 points. Suppliers receiving fewer than 21 points will be marked for exclusion for a period of one year unless there are valid justifications for their continued use.

Evaluations of competing suppliers are compared, and the highest-rated supplier will be selected for continuation.

Last Updated: March 2025